LPISX — Western Asset Pennsylvania Municipals Fund
Data updated: 2026-08-27
LPISX — Western Asset Pennsylvania Municipals Fund. Long Municipal - National Bond · $78.51M AUM. Holdings, fees, performance and SEC filings.
LPISX Fund Overview
LPISX — Western Asset Pennsylvania Municipals Fund is a US mutual fund managed by Legg Mason Partners Income Trust, categorised as Long Municipal - National Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Legg Mason Partners Income Trust
- Category: Long Municipal - National Bond
- Assets under management: $78.51M
- Ticker: LPISX
- SEC CIK: 0000764624
- SEC series ID: S000016637
- Share class ID: C000193930
LPISX Investment Objective and Strategy
Western Asset Pennsylvania Municipals Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Legg Mason Partners Income Trust.
Investment objective
The fund seeks as high a level of income exempt from regular federal income tax and Pennsylvania personal income taxes as is consistent with prudent investing.
Principal investment strategy
Under normal circumstances, the fund invests at least 80% of its assets in Pennsylvania municipal securities. Pennsylvania municipal securities are securities and other investments with similar economic characteristics the interest on which is exempt from regular federal income tax and Pennsylvania state personal income taxes but which may be subject to the federal alternative minimum tax. The funds 80% policy may not be changed without a shareholder vote. Pennsylvania municipal securities include debt obligations issued by the Commonwealth of Pennsylvania and its political subdivisions, agencies and public authorities, certain other governmental issuers (such as Puerto Rico, the U.S. Virgin Islands and Guam) and other qualifying issuers. These securities include participation or other interests in municipal securities issued or backed by banks, insurance companies and other financial institutions.
Some municipal securities, such as general obligation issues, are backed by the issuers taxing authority, while other municipal securities, such as revenue issues, are backed only by revenues from certain facilities or other sources and not by the issuer itself. The fund focuses on investment grade bonds (that is, securities rated in the Baa/BBB categories or above or, if unrated, determined to be of comparable credit quality by the subadviser), but may invest up to 20% of its assets in below investment grade bonds (commonly known as high yield or junk bonds). The fund may also invest in securities of other open-end or closed-end investment companies, including exchange-traded funds (ETFs), that invest primarily in municipal securities. Instead of, and/or in addition to, investing directly in particular securities, the fund may use instruments such as derivatives, including options, futures contracts and inverse floating rate instruments issued in tender option bond transactions, and other synthetic instruments that are intended to provide economic exposure to the securities or the issuer or to be used as a hedging technique.
The fund may use one or more types of these instruments without limit, except that these instruments are taken into account when determining compliance with the funds 80% policy. For additional information regarding derivatives, see More on the funds investment strategies, investments and risksDerivatives in the Prospectus. The fund may also engage in a variety of transactions using derivatives in order to change the investment characteristics of its portfolio (such as shortening or lengthening duration) and for other purposes. The fund may leverage its assets by investing proceeds received through tender option bond transactions, which is considered a form of borrowing. See More on the funds investment strategies, investments and risksTender option bonds in the Prospectus. The fund is classified as non-diversified, which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund.
LPISX Holdings
Top 10 holdings of Western Asset Pennsylvania Municipals Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Municipal Authority Of Westmoreland County (pa) | 9.68% |
| Pennsylvania Turnpike Commission (pa) | 6.67% |
| Pennsylvania Turnpike Commission (pa) | 4.67% |
| Philadelphia (pa), City Of | 4.38% |
| Philadelphia (pa), City Of | 3.86% |
| Lancaster County Hospital Authority (pa) | 3.82% |
| Pennsylvania Higher Educational Facilities Authority (pa) | 3.22% |
| Philadelphia (pa), City Of | 3.21% |
| Wilkes-Barre Area School District (pa) | 2.64% |
| Philadelphia Authority For Industrial Development (pa) | 2.63% |
LPISX Portfolio Allocation
Asset-class allocation of Western Asset Pennsylvania Municipals Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 99.2% |
LPISX Performance
Total returns for LPISX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 2.4% |
| 1 year | 7.4% |
| 3 years (annualised) | 4.0% |
| 5 years (annualised) | 0.5% |
LPISX Risk Information
Risk metrics for LPISX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 3.7%
LPISX Costs and Fees
LPISX costs about $52 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.52%
- Gross expense ratio: 0.68%
- Portfolio turnover: 9%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
LPISX Cashflows
Over the 12 months to 2026-06, Western Asset Pennsylvania Municipals Fund had net outflows of $2.63M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | −$733.63K |
| 2026-05 | −$246.42K |
| 2026-04 | −$383.24K |
| 2026-03 | −$294.79K |
| 2026-02 | −$166.70K |
| 2026-01 | −$628.38K |
LPISX Debt Constituents
Largest debt holdings of Western Asset Pennsylvania Municipals Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Municipal Authority Of Westmoreland County (pa) | 9.68% |
| Pennsylvania Turnpike Commission (pa) | 6.67% |
| Pennsylvania Turnpike Commission (pa) | 4.67% |
| Philadelphia (pa), City Of | 4.38% |
| Philadelphia (pa), City Of | 3.86% |
| Lancaster County Hospital Authority (pa) | 3.82% |
| Pennsylvania Higher Educational Facilities Authority (pa) | 3.22% |
| Philadelphia (pa), City Of | 3.21% |
| Wilkes-Barre Area School District (pa) | 2.64% |
| Philadelphia Authority For Industrial Development (pa) | 2.63% |
LPISX Prospectus and SEC Filings
Official Western Asset Pennsylvania Municipals Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-07-24
- Prospectus (485BPOS) — filed 2025-07-25
- Prospectus (485BPOS) — filed 2024-07-26
- Portfolio holdings (N-PORT) — filed 2026-08-27
- Portfolio holdings (N-PORT) — filed 2026-05-21
- Portfolio holdings (N-PORT) — filed 2026-02-26
- Annual census (N-CEN) — filed 2026-06-10
- Annual census (N-CEN) — filed 2025-06-10
Related Funds
Other Long Municipal - National Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.